Long-term investor Mike Alfred dismisses Solana for Bitcoin

Mike Alfred, an investor who serves as a board member of BTC miner Iris Energy and digital asset investment platform Eaglebrook Advisors, compared Solana to Santa Claus.

In a tweet, Alfred compared Santa Claus to Solana’s native token, SOL, which people still believe in and hope will flourish in the future.

Before you make fun of that kid who still believes in Santa, just remember there are people who still believe in Solana

— Mike Alfred (@mikealfred) December 26, 2022

Responding to his tweet, crypto and DeFi analyst Mike Deutscher wrote that there’s no lousy product, only a bad buy. Deutscher believes that SOL will turn into an investment with a +EV (EV = enterprise value). In response to this statement, Alfred declared that he would continue investing in value stocks and bitcoin.

Perhaps. I’m sticking with value equities and Bitcoin. To each his own.

— Mike Alfred (@mikealfred) December 26, 2022

SOL token, formerly dubbed an “Ethereum killer,” has lost more than 50% of its value since the beginning of November. Its price fell from $36.88 to the current $11.35 level.

Long-term investor Mike Alfred dismisses Solana for Bitcoin - 1 — SOL/USD in 2022. Source: CoinMarketCap

What happened to SOL?

Solana was one of the platforms severely harmed by the notorious FTX exchange meltdown and Sam Bankman-Fried’s bankruptcy. SBF gave SOL great backing, and several of his businesses made significant investments. One of these ventures was a $1.2 billion acquisition of SOL through his side business, Alameda Research. In addition, it is said that Alameda owned $1.15 billion in this token before starting to sell it off among other altcoins to stop the demise of FTX’s native token, FTT.

What makes BTC so unique?

Although the decentralized nature of the bitcoin network is frequently appreciated, there are drawbacks. It might be challenging to modify the network since no entity is in charge of bitcoin. For instance, it would be incredibly challenging to remedy a software defect without the support of the vast majority of consumers.

Other cryptocurrencies were developed with various objectives in mind. Some, like ethereum, aim to offer a platform for decentralized apps. Others, like litecoin, strive to be more user-friendly and affordable than bitcoin. To raise the block size of bitcoin and enable more transactions to be processed per second, bitcoin cash was forked.

While proving to be a valuable digital asset for people and businesses, bitcoin offers several distinctive features. Due to its decentralized structure, it is impervious to corruption, and its lack of borders enables quick and straightforward international transfers. This renders Bitcoin the most desirable piece of digital asset ever formed.